What Every First time Buyer Should Know
Buying your first home is an exciting milestone, but it can also feel overwhelming. With so much to consider—budgets, mortgages, legal paperwork, and finding the right property—it’s easy to feel lost in the process. This guide outlines the key things every first-time buyer should know before taking that first step onto the property ladder.
Know What You Can Afford
Before you start browsing online listings or booking viewings, it’s essential to understand your budget. Speak to a mortgage adviser or broker early on to find out how much you’re likely to be able to borrow, based on your income, outgoings, and credit history.
Don’t forget to factor in additional costs beyond the deposit. These may include:
- Mortgage arrangement fees
- Valuation and survey costs
- Conveyancing (legal) fees
- Stamp duty (if applicable)
- Moving costs
- Furniture and renovations
Getting a mortgage agreement in principle (AIP) can also be helpful. It shows sellers and agents that you’re a serious buyer and gives you a realistic idea of your price range.
Understand the Different Types of Property
When looking for your first home, it helps to know what types of property are available and the pros and cons of each. These include:
- Freehold – You own the building and the land it stands on. Typically applies to houses.
- Leasehold – You own the property for a set number of years but not the land (common for flats). Be aware of ground rent, service charges, and lease length.
- New build – Everything is brand new, but you will pat a premium for this.
- Period homes – Often have more character and space but could need more maintenance.
Think about your lifestyle and long term plans. Are you after a low maintenance apartment close to town, or are you dreaming of a garden and space to grow into?
Location Matters
You can change a lot about a property, but you can’t change its location (We get asked a lot "if only you could pick this place up and move it"). Consider what’s important to you, commuting distance, school catchment areas, local amenities, green spaces, and future development plans.
If you’re unfamiliar with an area, visit at different times of day and speak to locals if possible. Online tools and social media groups can also help you learn more about locations. Remember: the ideal home in the wrong location will never feel quite right.
Be Ready to Act, But Don’t Rush
The market can move quickly, especially in popular areas. If you find a home you love, being financially prepared and having your paperwork in order can put you in a strong position to make an offer. That said, avoid rushing into a decision. Buying a home is a big commitment. Make sure you’ve viewed the property more than once and looked at comparable sales nearby. You may want to view at different times of the day. Don’t feel pressured into bidding more than you can comfortably afford.
Think About a Survey
Once your offer has been accepted, consider commissioning your own survey. There are different types of surveys available:
- RICS Condition Report – Basic report suitable for newer homes.
- Homebuyer Report – More detailed; highlights issues like damp or structural problems.
- Building Survey – The most comprehensive option; recommended for older or unusual properties.
While surveys aren’t mandatory, they can reveal costly issues that may affect your decisions.
Understand the Legal Process
Conveyancing is the legal process of transferring property ownership. You’ll need to appoint a solicitor or licensed conveyancer to handle this on your behalf. They’ll:
- Carry out searches (e.g. local authority, drainage, environmental).
- Liaise with the seller’s solicitor.
- Draft and review contracts.
- Handle the exchange of funds.
The process can take several weeks, if not months, so patience is key. Stay in regular contact with your solicitor and estate agent, and don’t be afraid to ask questions if anything is unclear. Remember, you are the client!
Plan for Completion and Beyond
Once contracts are exchanged, the sale becomes legally binding, and a completion date is set. On that date, the funds are transferred, and you’ll get the keys to your new home.
Be sure to:
- Arrange buildings insurance (often required from exchange).
- Book your removal company or make plans well in advance.
- Set up utilities and broadband.
- Redirect post and notify relevant providers of your new address.
Also, budget for those first essentials like curtains, cleaning supplies, and maybe a celebratory takeaway after moving day!
Common Mistakes to Avoid
- Overstretching your budget: Always allow a buffer for unexpected costs.
- Skipping the survey: Even a well presented home can have hidden issues.
- Focusing only on aesthetics: Paint colours and carpets can be changed, layout, location, and structure matter more.
- Not reading the small print: Lease terms, covenants, and restrictions can all affect how you use the property.
Final Thoughts
Buying your first home is a huge achievement and something to be proud of. It’s a learning curve, but you don’t have to navigate it alone. Lean on trusted advisers, your estate agent, mortgage broker and solicitor. Take things step by step.
With the right preparation, clear expectations, and a bit of patience, you’ll soon be turning the key to your very first home.
If you would like guidance, advice or just a friendly chat, get in touch with one of our experienced property professionals on the link below.